Shenwan Hongyuan: Maintains "Buy" rating for CSIC Defense (00317.HK), high-price orders delivery helps release performance.

According to the Yitong Finance News APP, Shenwan Hongyuan has released a research report stating that China Shipbuilding Defence (00317.HK) has adjusted its shipbuilding revenue for 2026-2028 to 21.5 billion, 28.4 billion, and 36.2 billion RMB respectively. Correspondingly, the net profit attributable to shareholders for 2026-2028 has been raised to 2 billion, 2.6 billion, and 4.5 billion RMB respectively (original forecast was 1.5 billion, 2.4 billion, and 4.3 billion RMB), with corresponding PEs of 8, 6, and 4 times. The company maintains a "buy" rating. The current A/H stock PO (market value order ratio) of the company is approximately 0.58/0.23 times, which is at a relatively low level in the cycle. With the increase in ship prices and improvement in production efficiency, the company still has room for upward revision of its long-term performance.